Asset purchase agreements can be a useful way to create a new business while leaving unwanted resources and potential issues with the seller. This document is an agreement for the sale and purchase of a business and assets as a going concern.You (or the purchaser or transferee) must complete Form CBS-1, Notice of Sale, Purchase, or Transfer of Business Assets. Drafting Asset Purchase Agreements: Standard (and Not-So-Standard) Clauses. Following the execution of this Agreement, PAWC and Seller shall each take such any and all further actions as are necessary to invoke, commence and complete.